Carvana rises after plans for auction and reconditioning 'Megasite'

Carvana's CVNA.N shares up 7.3% to $180.14 on Tues after online used-car retailer unveiled plans for Inspection and Reconditioning Center (IRC) capabilities to its existing ADESA Phoenix auction site

CVNA shares rose as much as 17.6% to $197.42 on the session and set for second straight day of gains

Arizona-based firm early Tues said its 'Megasite' integration in Phoenix will expand overall production capacity and establish larger inventory pool in a new metropolitan area, providing local buyers access to vehicles that can be delivered the same or the next day

Co said it has begun hiring local team members and expects the integration to create about 200 new jobs over time

With move on Tues, CVNA shares off ~11% YTD. Stock closed at $82.67 a year ago

Of 23 analysts covering CVNA, recommendation breakdown is 13 "strong buy" or "buy", 9 "hold" and 1 "sell", according to LSEG data

Median PT of $260 implies 44% upside to current levels